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The Forum > Article Comments > Debunking claims that Australia is a high-tax country > Comments

Debunking claims that Australia is a high-tax country : Comments

By Andrew Leigh, published 7/2/2014

As a recent International Monetary Fund report noted, Australia engaged in 'fiscal profligacy' between 2003 and 2007: failing to invest the tax revenue from the first phase of the mining boom into productive infrastructure.

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Yep,we are paying way too much tax. $1.5 trillion economy has on average growth of 3% + inflation of 3%.The money supply grows by 6%, but the catch is that our Govt no longer creates any of this new money via Govt Banks.

$90 billion pa is added to our economy mostly as private and Govt debt. This is why our balance of payments continues to grow even though our exports are greater than imports.

Since our inflation gets created as debt, this negates any benefits of growth. It means that the harder we all work the more debt we incur and thus the more taxes we pay.

When was the last time we had a huge development of infrastructure? The Sydney Harbour Bridge during the 1930's Depression and we had to borrow from the poms to do that. The Snowy Mts scheme in the 1950's.
All our new major roads are tolled private ones.

We are the can't do country and most of us don't give a stuff.
Posted by Arjay, Sunday, 9 February 2014 10:19:46 AM
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http://forum.onlineopinion.com.au/thread.asp?article=16000#277210
So Leo what facts in the article are wrong?
Posted by bondi_tram, Tuesday, 11 February 2014 10:46:02 AM
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